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CU System
Midstate FCU approves 311K in loans at event
CARTERET, N.J. (2/17/12)--MidState FCU's "Love Your Loan" event Feb. 10 brought in $311,062 in loans for the day, according to the New Jersey Credit Union League (The Daily Exchange Feb. 16).

Staffers at Carteret, N.J.-based MidState FCU celebrate approving $311,062 in loans during its "Love Your Loan" event Feb. 10.  It was the largest one-day loan total in the credit union's history. (Photo provided by the New Jersey Credit Union League)
It was the largest one-day loan total in the Carteret, N.J.-based credit union's history. In fact, 30 people were waiting outside the credit union before the doors opened, said the credit union.

Rates began at 2.99% at 8:30 a.m. and then increased by 0.50% every half-hour throughout the event. The earlier the member applied, the lower the rate approved. Between 8:30 a.m. and 9 a.m., the credit union saw 41 applications. 

"It was amazing to see so many people waiting to take part in this event before we even opened for the day," said Sean McDonald, director of business development at the more than $20 million asset credit union. "It demonstrates that if credit unions offer services that are attractive to their members and that fill their needs, great things can and will happen," he told the league.

The credit union promoted the event through e-mail blasts to members, in-branch advertising and word of mouth.

Staff also were instrumental in the event's success, said Tracy Sussman, president/CEO."I have to commend the staff for their hard work promoting the event and for their eagerness the day of the loan sale," Sussman said. "Without the staff's cooperation, the loan sale would not have been as successful."


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